Jason Simpkins

Bank Stress Tests Turn Up 10 Banks That Need More Capital

By Jason Simpkins Managing Editor Money Morning The U.S. Federal Reserve today (Tuesday) delivered the results of its bank stress tests to the 19 participating financial institutions. The government will tell 10 of the banks to raise more capital, according to media reports.  The results of the tests won't be released until Thursday, but Bank […]

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Manufacturing Expands in China and India as the Global Economy Inches Toward a Recovery

By Jason Simpkins Managing Editor Money Morning Manufacturing in China and India expanded last month, according to multiple factory indices that showed the two powerhouses of production are benefiting from government stimulus measures and a tentative rise in economic activity around the world. In India, the ABN AMRO Bank purchasing managers' index (PMI) rose to […]

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Citigroup Sells Japanese Brokerage in Effort to Appease Government Regulators

By Jason SimpkinsManaging EditorMoney Morning Citigroup Inc. (NYSE: C) Friday agreed to sell its Japanese brokerage arm, Nikko Cordial Securities, to Sumitomo Mitsui Financial Group (OTC: SMFJY) in a deal that will give Citi more capital to satisfy government demands. Sumitomo Mitsui will pay about $5.5 billion (545 billion yen) for Citi's Nikko Cordial unit […]

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U.S. Auto Industry Spins Out of Control, as Chrysler Goes Bankrupt and GM Struggles to Reverse Course

By Jason Simpkins Managing Editor Money Morning Chrysler LLC yesterday (Thursday) filed for bankruptcy protection after a failed attempt to reorganize operations and restructure debt before the government appointed deadline. The collapse of one of America’s largest and oldest auto companies – having been founded in 1925 – shows just how much the U.S. auto […]

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Chrysler Bankruptcy Confirmed

By Jason Simpkins Managing Editor Money Morning Chrysler LLC will declare bankruptcy today (Thursday), according to various reports citing officials within the Obama Administration. Representatives from the automaker, lenders, unions, and the Treasury Department worked diligently to get a deadline deal done. But even though Chrysler made headway with union representatives and reached a preliminary […]

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Bank of America, Citigroup Told to Boost Capital as Validity of Bank Stress Tests Is Called Into Question

By Jason Simpkins Managing Editor Money Morning Bank of America Corp. (BAC) and Citigroup Inc. (C) were told by federal regulators to raise more capital after government "stress tests" revealed that the banks were not adequately protected against additional deterioration in the economy, published reports said yesterday. Officials insist that neither Bank of America nor […]

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How to Profit From Chile, Latin America's Real Economic Powerhouse

By Jason Simpkins Managing Editor Money Morning Brazil is often thought of as the best, if not only, investment play in Latin America, but Chile – with its equally abundant resources and sound fiscal governance – is emerging as an impressive economic rival. In fact, Moody's Investment Service last month raised Chile's sovereign debt rating […]

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Bank of America’s Lewis Says Paulson, Bernanke Forced Merrill Takeover

By Jason Simpkins Managing Editor Money Morning Bank of America Corp. (BAC) Chairman and Chief Executive Kenneth Lewis said in testimony before New York's attorney general that Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson pressured him not only to move ahead with a merger with Merrill Lynch despite reservations, […]

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Improvement in Japanese Exports Hints at an Economic Recovery

By Jason SimpkinsManaging EditorMoney Morning Japan suffered its first trade deficit in nearly three decades in the year through March, but the steep decline in the Pacific nation's exports is beginning to show signs of abating – an indication that global demand could be stabilizing. Japan posted a trade deficit of 725.3 billion yen in […]

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Will Obama Lift the Trade Embargo Against Cuba?

By Jason SimpkinsManaging EditorMoney Morning U.S. President Barack Obama has opened the door to a broader relationship with Cuba by loosening travel and communication restrictions. But will pressure from numerous Latin American states and a promise to usher in a new era of cooperation and dialogue in the Western Hemisphere ultimately result in the revocation […]

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Energy Development in Iraq Faces Political Obstacles, but Could Prove a Boon for China

By Jason SimpkinsManaging EditorMoney Morning Global oil majors interested in Iraq's huge energy reserves continue to be derailed by that Middle Eastern nation's political and ethnic divisions – despite recent increases in security. So far, China has been the most successful at sidestepping Iraq's blurry bureaucracy. And that presents an intriguing potential view of the […]

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Developed and Emerging Nations Forced to Ante Up to Stem a Worldwide Water Shortage

By Jason Simpkins Managing Editor Money Morning Three-quarters of the world consists of water, but growing populations, higher living standards, and global climate change have more than a few analysts worried that there still may not be enough to go around. In fact, water shortages are erupting around the world, from San Diego to Riyadh. […]

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China’s Growth Slows but a Rebound May be on the Way

By Jason SimpkinsManaging EditorMoney Morning China's economy expanded by 6.1% in the first quarter, its slowest pace in at least a decade. But many economists believe this will be the low point for the world's third-largest economy, as signs of recovery are already starting to emerge. A collapse in exports and industrial overcapacity are the […]

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Three Big Reasons Oil Prices Will Resume Their Rally

[Editor's Note: This report on the global oil market is the latest installment in a series of Money Morning quarterly reports that will examine such topics as gold, housing and U.S. equities. These reports will now be a regular feature at the end of each quarter.] By Jason Simpkins Managing Editor Money Morning Oil has […]

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China Flexes its Muscles and Finds Support in a Bid to Dump the Dollar as the World's Main Reserve Currency

By Jason Simpkins Managing Editor Money Morning Finance officials from Beijing in Moscow on Thursday held a videoconference to discuss the creation of a “supra-national reserve currency,” the latest evidence of the support China is getting from developing countries as it seeks to replace the U.S. dollar as the world’s main reserve currency. This controversial […]

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